News

/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE
    SERVICES/

    Shares Issued and Outstanding: 63,297,746
    TSX: MPV
    AMEX: MDM

TORONTO, Nov. 24 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province") (TSX: MPV, AMEX: MDM) announces that it has filed a preliminary prospectus in each province of Canada other than Quebec in respect of a marketed public offering of units, with each unit comprised of one common share and one-half of one common share purchase warrant. The offering is being co-led by Paradigm Capital Inc., Salman Partners Inc. and Scotia Capital Inc. as underwriters.

The offering will be priced in the context of the market with the final terms to be determined at the time of pricing. Mountain Province intends to use the net proceeds of the offering to complete a feasibility study in respect of the Gahcho Kué project and for general working capital purposes.

The offering is scheduled to close on or about December 8, 2009 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

Located in Canada's Northwest Territories, Gahcho Kué is one of the largest new diamond projects under development globally. The project consists of a cluster of kimberlites, three of which have an indicated resource of approximately 30.2 million tonnes grading at 1.67 carats per tonne (approximately 50.5 million carats) and an inferred resource of approximately 6 million tonnes grading at 1.73 carats per tonne (approximately 10.3 million carats). Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Forward-Looking Statements

This news release may contain forward-looking statements, within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995, regarding the Company's business or financial condition. Actual results could differ materially from those described in this news release as a result of numerous factors, some of which are outside the control of the Company.

THIS IS NOT AN OFFER FOR SALE, OR A SOLICITATION OF AN OFFER TO BUY, IN THE UNITED STATES OR TO ANY "U.S. PERSON," AS SUCH TERM IS DEFINED IN REGULATIONS UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED OF ANY EQUITY SHARES OR ANY OTHER SECURITIES OF THE COMPANY.